238 days ago • Posted by Charles-Henry Monchau

Private rents in London plunge by up to 34% amid Covid crisis

Private rents in London have dropped for the second quarter in a row, with some areas posting sharp falls of up to 34% year on year, while other cities led by Edinburgh have also reported a decline during the pandemic. Although Covid-19 restrictions were eased over the summer, the rental market in the capital and other cities struggled to recover, according to the house-sharing website SpareRoom. The average monthly rent for a room in London fell to £725 between July and September, down 7% from £780 in the same period last year. Excluding London, rents across the UK rose 2% to £492, on average. Scotland was the only other UK region where rents fell, by 2% from £490 to £481 (source: The Guardian).

The UK rental market in the capital has been decimated by the Covid pandemic